Markets Tumble Over Greek Default Concerns

Renewed concerns of a Greek default sent the markets tumbling to a sharply lower open with the Dow plunging 116 points to 12,008. Nasdaq dropped 24 points to 2660.

On the upside

The Department of Justice completed its review of Advantest's $1.1 billion acquisition of Verigy (Nasdaq: VRGY).

Bargain hunters lifted shares of Molycorp (NYSE: MCP) whose shares fell after announcing an offering of convertible senior notes and common shares.

Lululemon Athletica (Nasdaq: LULU) reported sharply higher first quarter earnings that beat expectations by a wide margin as revenue climbed.

On the downside

Diana Containerships (Nasdaq: DCIX) priced its public offering of 14.25 million common shares at $7.50 per share.

RealD (NYSE: RLD) reversed year ago losses to post a profit for the fourth quarter but analysts noted the waning interest in 3-D movies.

Goodyear Tire & Rubber (NYSE: GT) announced plans to sell its tire reinforcement wire division to Hyosung for $50 million.

In the broad market, declinin issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 785.